Holland & Knight Advises Piper Sandler & Co. in $400 Million Subordinated Debt Offering by Pacific Western Bank

LOS ANGELES (May 6, 2021) – Holland & Knight advised Piper Sandler & Co., as the sole bookrunner, in the offering of $400 million aggregate principal amount of 3.25% fixed-to-floating rate subordinated notes due 2031 by Pacific Western Bank, the wholly-owned banking subsidiary of PacWest Bancorp (Nasdaq: PACW).

The notes have an initial fixed interest rate of 3.25%, payable semi-annually in arrears. From and including May 1, 2026, the notes will bear interest at a floating rate per annum equal to a benchmark rate, which is expected to be three-month term SOFR plus 252 basis points for each quarterly interest period during the floating rate period, payable quarterly in arrears. The notes are intended to qualify as Tier 2 capital for regulatory purposes.

Holland & Knight Partners Mark Goldschmidt and Kevin Houlihan and Associates Philippa Balestrieri and Laura Nickerson led the firm's representation of Piper Sandler & Co. in the transaction.

More information about the transaction can be found here.